Chapter One to Three

Question 1

Marketing

Answer 1

the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, the stakeholders and the society at large

Question 2

Market

Answer 2

people with desire and ability to buy a specific product

Question 3

What are the four P’s of the marketing mix

Answer 3

Product, Price, Place, Promotion

Question 4

Social Marketing

Answer 4

Marketing designed to influence the behaviour of individuals in which benefits of the behaviour accrue to the individuals not the marketer

Question 5

Ultimate consumers

Answer 5

People who use the goods and services purchased for a household

Question 6

Organizational buyers

Answer 6

Those manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own use or for resale

Question 7

Requirements for marketing to occur

Answer 7

Two or more parties with unsatisfied needs, desire and ability to satisfy those needs, a way for those parties to communicate, and something to exchange

Question 8

Who markets?

Answer 8

Every organization

Question 9

What is marketed?

Answer 9

Goods, services, ideas and experiences

Question 10

Who buys and uses what is marketed?

Answer 10

Ultimate consumer and Organizational buyers

Question 11

Who benefits from marketing?

Answer 11

The consumers who buy, the organization that sell, and the society as a whole

Question 12

What factors influence marketing?

Answer 12

Other organizations, suppliers, shareholders, customers, and the environmental factors.

Question 13

What are the environmental factors? (uncontrollable)

Answer 13

Social, economic, cultural, competitive and regulatory

Question 14

What is a target market?

Answer 14

A group with a desire to fill

Question 15

What are the stages of evolution of North American business?

Answer 15

Production era, Sales, Market concept, Market orientation, Customer experience and social media

Question 16

Production era

Answer 16

They made as many goods as possible because goods were scarce

Question 17

Sales Era

Answer 17

Discovery that they could produce more than they could sell, growing competition

Question 18

Market Concept

Answer 18

Organization striving to satisfy the needs of the customers

Question 19

Market orientation

Answer 19

continuously collecting information, sharing the information throughout the organization and using the info to create value.

Question 20

Customer Experience Era

Answer 20

Learned that they must provide good customer service

Question 21

Ethics

Answer 21

the moral principles and values that govern the actions and the decision of an individual or group

Question 22

What is an organization?

Answer 22

a legal entity of people who share a common mission

Question 23

Profit

Answer 23

money left after the firms total expenses

Question 24

Strategy

Answer 24

long term course of action

Question 25

Structure of organizations

Answer 25

Corporate level (board of directors), Business unit level, and functional level (departments)

Question 26

Organizational foundation

Answer 26

core values, mission and organizational culture

Question 27

Organizational direction

Answer 27

business, goals

Question 28

Organizational Strategies

Answer 28

By level : corporate, sub and functional By offering : Products, service, idea and experience

Question 29

Core values

Answer 29

an organizations core values are the principles that guide its conduct

Question 30

Business

Answer 30

the clear, broad, underlying industry or market sector of an organization

Question 31

Organizational direction

Answer 31

the business its in and its specific goals

Question 32

Smart goals

Answer 32

Specific, measurable, attainable, relevant, and time based

Question 33

Cash cows

Answer 33

low growth, high market share

Question 34

Dogs

Answer 34

low growth, low market share

Question 35

Stars

Answer 35

high growth, high market shares

Question 36

Question Mark

Answer 36

high growth, low market shares

Question 37

Market Penetration

Answer 37

selling more products in existing market

Question 38

Product Development

Answer 38

Selling new products in existing markets

Question 39

Market Development

Answer 39

Selling existing products in a new market

Question 40

Diversification

Answer 40

Selling new products in a new market

Question 41

SWOT analysis

Answer 41

internal strengths, weaknesses, opportunities and threats

Question 42

Market segmentation

Answer 42

aggregating prospective buyers into groups that have common needs and will respond similarly to a market action

Question 43

Social Forces

Answer 43

demographics, cohorts, trends and culture

Question 44

Economic Forces

Answer 44

Economic conditions

Question 45

Technological Forces

Answer 45

technology, and electronics

Question 46

Gross income

Answer 46

Total income of a household

Question 47

Disposable income

Answer 47

Total income after taxes for necessities

Question 48

Discretionary Income

Answer 48

Total income after taxes and needs, left for wants

Question 49

Pure competition

Answer 49

Many companies with a similar product

Question 50

Monopolistic competition

Answer 50

Many companies compete on a substitutable basis

Question 51

Oligopoly

Answer 51

Few companies control the majority of the industry sales

Question 52

Monopoly

Answer 52

One firm sells the product or service

Question 53

Components of Competition

Answer 53

barrier to entry and power of buyers and suppliers

Question 54

Greenwashing

Answer 54

making an inaccurate claim to market

Question 55

ethics

Answer 55

moral principles and values

Question 56

Code of Ethics

Answer 56

written statement of rules

Question 57

Caveat emptor

Answer 57

let the buyer beware

Question 58

Economic Espionage

Answer 58

theft of trade secrets

Question 59

Stokehold responsibility

Answer 59

responsibility to more than profit

Question 60

Societal responsibilities

Answer 60

obligations at ecological environment and the general public

Question 61

Social Audit

Answer 61

doing well by doing good

Question 62

Cause marketing

Answer 62

marketing by getting involved with non profit organizations to create a better brand association and image

Question 63

Purchase decision process

Answer 63

problem recognition, information search, alternative evaluation, purchase decision, and post purchase behaviour

Question 64

cognitive dissonance

Answer 64

post purchase psychological tension or anxiety

Question 65

Three problem solving variations

Answer 65

extended problem solving: use five stages, limited problem solving: rely on word of mouth , routine problem solving: habit

Question 66

Socio-Cultural influences

Answer 66

Personal, Reference groups, family, social class and culture

Question 67

Business Marketing

Answer 67

the marketing of goods and services to companies and governments for the use of creation of goods and services that they can produce and market to others

Question 68

Organizational Buyer

Answer 68

Those manufacturers, wholesales, ad retailers that buy goods and services for their own use or for resale

Question 69

Industrial Markets

Answer 69

Buy, reprocess and sell

Question 70

Reseller Markets

Answer 70

Buy and sell

Question 71

Government Markets

Answer 71

federal provincial and local agencies that buy goods and services for the constituents that they serve

Question 72

Derived Demand

Answer 72

demand that is derived from consumer demand

Question 73

Roles in the buying centre

Answer 73

users, influencers, buyers, deciders and gate keepers